Traders seemed to reconsider their initial reaction to Wednesday’s WASDE, fueling gains in Corn and Soybeans. The looming deadline to extend the Black Sea Grain initiative may have added support.
Corn futures closed mostly 12¢ to 16¢ higher.
Soybean futures closed mostly 29¢ to 43¢ higher.
KC HRW Wheat closed 2¢ to 5¢ higher.
The bounce higher in Corn futures weighed on Cattle futures Thursday, especially Feeder Cattle.
Feeder Cattle futures closed an average of $2.36 lower (57¢ to $1.42 lower).
Live Cattle futures closed an average of 32¢ lower, except for unchanged and 2¢ higher in two contracts.
Negotiated cash fed cattle trade was mostly inactive on light demand in all regions through Thursday afternoon, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $4.07 lower Thursday afternoon at 306.91/cwt. Select was 92¢ lower at $280.18/cwt.
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